ARTICLES ABOUT DEBT RESTRUCTURING BY DATE - PAGE 4

MUMBAI: The Anil Agarwal-promoted Vedanta group of companies may soon launch the largest refinancing exercise in Indian corporate history as it looks for ways to cut costs after a credit downgrade and plunging commodity prices. London-listed Vedanta Resources and its Indian subsidiary Vedanta Ltd have called for pitches, or request for proposals, from top banks and at least six of the world's biggest banks are likely to respond, people close to the development said. Citigroup , Standard Chartered, Barclays , Bank of America-Merrill Lynch, Goldman Sachs and Deutsche Bank are among those who have been called to make presentations in London, three bankers from different banks told ET. "They are going back to the drawing board to see how they can do better.

Greek leaders have fought fiercely in recent months with politicians from other European countries over relief on Greece's vast debt load. Yet the power to decide the fate of Greece lies not just in the hands of these national governments, but also with unelected officials at two powerful institutions: the European Central Bank and the International Monetary Fund. Each is a creditor to Greece, and each is expecting the country to repay it billions of dollars of debt in the coming weeks.

MUMBAI: The Reserve Bank of India today allowed asset reconstruction companies (ARCs) to extend the time period to realise stressed assets beyond eight years if a lenders' grouping is taking more than the specified period, subject to some conditions. "For the purpose of the restructuring proposals approved or to be approved by Board for Industrial and Financial Reconstruction (BIFR) or Corporate Debt Restructuring (CDR) or Joint Lenders' Forum (JLF), SC/RCs shall be permitted to accept a resolution period co-terminus with other secured lenders," RBI said in a notification.

MUMBAI: Wind turbine maker Suzlon Energy today said it has completed sale of its German arm Senvion to the US-based Venture Capital fund Centerbridge Partners , and it will retire Rs 5,000 crore of its Rs 16,500-crore debt. It said rest of the proceeds from the one-billion euro (about Rs 7,000 crore) deal would be used for working capital requirements. Tulsi Tanti-run Suzlon had announced on January 22 the sale of 100 per cent stake in Senvion for 1 billion euros to pare its mounting debt.

In a chat with ET Now, Avinnash Gorakssakar, Head of Research, Miintdirect.com, shares his view on Aban Offshore. ET Now: What is your view on Aban Offshore? Avinnash Gorakssakar: Aban Offshore could possibly be a surprise beneficiary of the Iran deal. It may not only gain from the crude price front, but also from the fact that some amount of debt restructuring has also been done. The stock has been beaten down badly because of softer crude price. Hopefully, if crude prices settle down and stay in the range of $65-70 a barrel going ahead, then we could see Aban doing pretty well.

KOLKATA: Adhunik Metaliks' (AML) board has approved the company's Rs 5,100-crore debt-recast programme. The scheme, approved by an empowered group under the corporate debt restructuring (CDR) mechanism, allows the steelmaker's lenders to convert a portion of the debt into equity in case of default. AML would increase the limit for creation of security in favour of lenders to Rs 5,500 crore, the company informed BSE. It would also increase the limit to provide guarantees for loans to its subsidiaries -Orissa Manganese and Minerals (OMML)

NEW DELHI: Ramky Infrastructure Ltd rose as much as 19.94 per cent in trade on the Bombay Stock Exchange on Tuesday, after the infrastructure development and management company, said it has approved the debt restructuring programme and lenders will be converting 25% of some term loans into equity. The stock ended in upper circuit at Rs 39.10. In its filing to BSE, Ramky Infrastructure said its board has reviewed the restructuring scheme under joint lenders forum or JLF and approved the same.

CHENNAI: The Board of pharmaceuticals major Orchid Chemicals and Pharmaceuticals has given its nod for the appointment of former SBI Deputy Managing Director Soundara Kumar as a Nominee Director. In accordance with the Corporate Debt Restructuring package and Letter of Approval issued by CDR empowered group, the Corporate debt restructuring lenders are entitled to appoint nominee on the Board of OCPL. State Bank of India , the monitoring institution has nominated Soundara Kumar, Retired Deputy Managing Director of SBI as its nominee, city-based Orchid Chemicals and Pharmaceuticals said in a BSE filing.

NEW DELHI: India's top hotel chains are witnessing a change of guard for varied reasons just when the hospitality industry appears on the cusp of recovery from a longish spell of dwindling profits and bleeding balance sheets. The Oberoi Group this week elevated heir apparent Vikramjit Oberoi to the post of chief executive as its current chief SS Mukherji is due to retire. The Tata-run Taj Hotels has seen a complete reshuffle in its corporate brass over the past one month under its new chief executive Rakesh Sarna.

NEW DELHI: Adhunik Metaliks today said its board will meet tomorrow to consider a debt restructuring plan as well as conversion of loans into equity. An "emergency meeting" of the board would be convened tomorrow, the company said in a regulatory filing. The board would consider "composite debt restructuring sanctioned by the CDR empowered group ... and implementation of the CDR package before March 31, 2015," it said. Notice of postal ballot for increasing the borrowing limit to Rs 5,500 crore, conversion of entire CDR package debt into fully paid equity shares as per extended guidelines of sanctioned CDR package would also be discussed.